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Equity Ownership in International Joint Ventures: The Impact of Source Country Factors

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  • Yigang Pan

    (York University and University of Hong Kong)

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    Abstract

    This study examines the impact of four source country factors on the equity ownership in international joint ventures (IJVs). These factors are exchange rate, cost of borrowing, export capability, and management orientation. Based on a sample of 8,078 IJVs in China, this study shows that equity ownership tends to be higher for parent firms from a source country with strong currency, low cost of borrowing, strong export capability, and high uncertainty avoidance.© 2002 JIBS. Journal of International Business Studies (2002) 33, 375–384

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    Bibliographic Info

    Article provided by Palgrave Macmillan in its journal Journal of International Business Studies.

    Volume (Year): 33 (2002)
    Issue (Month): 2 (June)
    Pages: 375-384

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    Handle: RePEc:pal:jintbs:v:33:y:2002:i:2:p:375-384

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    Cited by:
    1. Indro, Daniel C. & Richards, Malika, 2007. "The determinants of foreign partner's equity ownership in Southeast Asian joint ventures," International Business Review, Elsevier, vol. 16(2), pages 177-206, April.
    2. Axel Dreher & Peter Nunnenkamp & Krishna Chaitanya Vadlamannati, 2011. "The Role of Country-of-origin Characteristics for Foreign Direct Investment and Technical Cooperation in Post-reform India," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers 81, Courant Research Centre PEG.
    3. Valeria Gattai, 2010. "Firm's intangible assets and multinational activity: Full versus shared ownership," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 19(4), pages 553-589.
    4. Pan, Yigang, 2003. "The inflow of foreign direct investment to China: the impact of country-specific factors," Journal of Business Research, Elsevier, vol. 56(10), pages 829-833, October.
    5. Lorenzo Casaburi & Valeria Gattai, 2009. "Why FDI? An Empirical Assessment Based on Contractual Incompleteness and Dissipation of Intangible Assets," Working Papers 164, University of Milano-Bicocca, Department of Economics, revised Jul 2009.
    6. Jing Yang & Frank Tipton & Jiatao Li, 2011. "A review of foreign business management in China," Asia Pacific Journal of Management, Springer, vol. 28(3), pages 627-659, September.
    7. Jiang, Marshall S. & Chu, Rongwei & Pan, Yigang, 2011. "Anticipated duration of international joint ventures: A transaction cost perspective," Journal of International Management, Elsevier, vol. 17(2), pages 175-183, June.
    8. Qiangbing Chen & Yali Liu & Lu Jiang, 2010. "Culture distance and foreign equity ownership in international joint ventures: Evidence from China," Journal of Chinese Economic and Foreign Trade Studies, Emerald Group Publishing, vol. 3(3), pages 189-203, December.
    9. Richards, Malika & Yang, Yi, 2007. "Determinants of foreign ownership in international R&D joint ventures: Transaction costs and national culture," Journal of International Management, Elsevier, vol. 13(2), pages 110-130, June.
    10. Dow, Douglas & Ferencikova, Sonia, 2010. "More than just national cultural distance: Testing new distance scales on FDI in Slovakia," International Business Review, Elsevier, vol. 19(1), pages 46-58, February.
    11. Chung, Chris Changwha & Beamish, Paul W., 2012. "Multi-party international joint ventures: Multiple post-formation change processes," Journal of World Business, Elsevier, vol. 47(4), pages 648-663.
    12. Bowe, Michael & Golesorkhi, Sougand & Yamin, Mo, 2014. "Explaining equity shares in international joint ventures: Combining the influence of asset characteristics, culture and institutional differences," Research in International Business and Finance, Elsevier, vol. 31(C), pages 212-233.
    13. Tsang, Eric W.K., 2005. "Influences on foreign ownership level and entry mode choice in Vietnam," International Business Review, Elsevier, vol. 14(4), pages 441-463, August.
    14. Dora Triki & Moalla Emna & Pundrich Aline Pereira, 2012. "Les conflits dans les joint-ventures internationales (JVI) sous le prisme de la gestion de crise," Post-Print halshs-00690333, HAL.
    15. Duanmu, Jing-Lin, 2011. "The effect of corruption distance and market orientation on the ownership choice of MNEs: Evidence from China," Journal of International Management, Elsevier, vol. 17(2), pages 162-174, June.
    16. Canabal, Anne & White III, George O., 2008. "Entry mode research: Past and future," International Business Review, Elsevier, vol. 17(3), pages 267-284, June.

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